Core Viewpoint - The outdoor clothing brand BERSHIHE, founded by a couple from Anhui, is preparing for an IPO on the Hong Kong Stock Exchange, showcasing impressive financial performance that surpasses its competitor, Arc'teryx, in profitability [1][2]. Financial Performance - BERSHIHE's revenue grew from 379 million yuan in 2022 to 1.766 billion yuan in 2024, a 4.66 times increase over three years [2][3]. - The net profit surged from 24 million yuan to 283 million yuan during the same period, marking an 11.79 times increase [2][3]. - BERSHIHE's gross profit margins were 54.3%, 58.2%, and 59.6% from 2022 to 2024, consistently outperforming its competitor Amer Sports, which had margins of 49.7%, 52.5%, and 55.4% [3][6]. Market Position and Strategy - BERSHIHE positions itself as a cost-effective alternative to Arc'teryx, with its best-selling "three-in-one jacket" priced at 469 yuan, significantly lower than Arc'teryx's offerings [2][7]. - The brand has sold 3.8 million jackets over the past three years, achieving a compound annual growth rate of 144% [8]. - BERSHIHE's sales costs as a percentage of total revenue decreased from 45.7% to 40.4% from 2022 to 2024, indicating improved cost management [8]. Brand Development and Marketing - BERSHIHE has gained recognition primarily through celebrity endorsements and social media marketing, significantly increasing its brand visibility in recent years [9][10]. - The brand has received substantial investment, totaling 2.88 billion yuan from various investors, including Tencent, which acquired a 10.7% stake [11][13]. - BERSHIHE has launched a premium product line, the "Pinnacle Series," with prices reaching up to 12,800 yuan for high-end items, aiming to elevate its brand perception [16][17]. Competitive Landscape - The outdoor apparel market is becoming increasingly competitive, with major players like Anta and Li Ning expanding their portfolios through acquisitions and partnerships [20]. - BERSHIHE must maintain its competitive edge in cost-effectiveness while also competing for market share in the high-end segment against established international brands [20].

Group 1: Market Trends and Company Strategies - A significant number of consumer companies have submitted IPO applications to list on the Hong Kong Stock Exchange, showcasing common traits such as early market opportunity capture and a focus on digital and intelligent production layouts [2] - Companies like Dongpeng Beverage and Kaway have successfully differentiated themselves in their respective markets, with Dongpeng focusing on functional beverages and Kaway on emotional consumption through popular IPs [5][8] - The food and beverage industry faces challenges such as declining brand loyalty and health consumption trends, while entertainment consumption relies heavily on IP popularity and is subject to policy risks [2] Group 2: Dongpeng Beverage - Dongpeng Beverage, founded in 1987, has seen significant revenue growth, with projected revenues of 85 billion, 112.57 billion, and 158.30 billion yuan for 2022-2024, representing year-on-year growth rates of 21.9%, 32.5%, and 40.6% respectively [5] - The company has a market share of 26.3% in functional beverage sales for 2024, ranking first, and a retail market share of 23%, ranking second [5] - Despite its success, Dongpeng relies heavily on its flagship product, which accounts for over 84% of its revenue, posing risks as consumer preferences shift towards healthier options [6] Group 3: Kaway - Kaway, established in 2011, has rapidly grown by focusing on anime IPs and blind box trading cards, with projected sales of 48.11 billion packages in 2024 [8] - The company experienced a revenue drop in 2023 due to regulatory impacts but is expected to rebound to 100.57 billion in 2024, with a net profit surge of 378% [8] - Kaway's revenue is heavily dependent on a few popular IPs, which could pose risks as these licenses expire or if the IP owners shift to self-management [8] Group 4: Yujian Xiaomian - Yujian Xiaomian has implemented a digital tracking system for supply chain management, achieving extensive channel penetration with nearly 4 million terminal points across the country [9][10] - The company has adopted a pricing strategy to increase volume, resulting in a decrease in average customer spending from 36.1 yuan in 2022 to 32.0 yuan in 2024, while maintaining a high table turnover rate [12] - Yujian Xiaomian's rapid expansion has raised concerns about maintaining brand quality and customer satisfaction amidst competitive pressures [12] Group 5: Liuliu Guoyuan - Liuliu Guoyuan has focused on a single product strategy, achieving a revenue compound annual growth rate of 17% from 2022 to 2024, with projected revenues of 16.16 billion yuan in 2024 [16] - The company has faced challenges due to changing consumer preferences and increased competition, leading to a decline in profit margins [16] - Liuliu Guoyuan's reliance on a single product category has raised concerns about sustainability and adaptability in a rapidly evolving market [20] Group 6: Three Squirrels - Three Squirrels, founded in 2012, has experienced revenue declines from 97.94 billion in 2020 to 71.15 billion in 2023, but is projected to rebound to 106.22 billion in 2024 [18][19] - The company has shifted its strategy to focus on high-end products and full-category offerings, but faces challenges from changing consumer loyalty and preferences [19] - Three Squirrels must enhance its offline presence and brand loyalty programs to combat market fatigue and price wars [19] Group 7: Bersi - Bersi, established in 2012, has rapidly grown to become one of the top domestic outdoor brands, with projected revenues of 17.66 billion in 2024 and a market share of 5.2% [23] - The company faces risks due to its high reliance on online channels, which could be impacted by changes in platform rules and competition [23] - Bersi's growth strategy should focus on brand evolution and user loyalty while optimizing supply chain digitalization [23] Group 8: Sailis - Sailis has transformed from a traditional auto parts manufacturer to a leading player in the new energy vehicle market, with revenues projected to reach 1451.76 billion in 2024, a 305% increase [26] - The company has faced challenges such as declining brand loyalty among consumers and increased competition in the price war within the new energy sector [26] - Sailis must adapt its market entry strategies and consider local production to mitigate risks from global regulatory changes [26] Group 9: Mingming Hen Mang - Mingming Hen Mang has rapidly expanded its presence in the county market, with 14,394 stores and a GMV of 555 billion by 2024 [29] - The company has seen significant revenue growth from 42.86 billion in 2022 to 393.44 billion in 2024, but faces challenges in maintaining profitability and strategic adaptability [29] - The evolving market landscape necessitates a focus on health-oriented products and effective brand management to sustain competitive advantages [29]

Core Viewpoint - The article discusses the rapid growth and market positioning of the Chinese outdoor brand "Bershka," highlighting its financial performance, challenges in a competitive market, and reliance on marketing strategies to drive sales [2][3][19]. Financial Performance - Bershka's revenue for 2024 is projected to be 1.766 billion RMB, representing a 94.5% year-on-year increase, with a net profit of 283 million RMB, up 86% from the previous year [3][5]. - The company's revenue from 2022 to 2024 shows a consistent upward trend: 379 million RMB in 2022, 910 million RMB in 2023, and 1.766 billion RMB in 2024 [5]. - The gross profit margin has improved from 54.3% in 2022 to 59.6% in 2024, with a net profit margin increasing from 6.4% to 16.0% during the same period [10][11]. Product Segmentation - Clothing, particularly jackets, is the largest revenue source for Bershka, accounting for 91.1% of total revenue in 2024, up from 80.7% in 2022 [6][9]. - The average selling price of a jacket is approximately 710 RMB, with an estimated gross profit of around 420 RMB and a net profit of about 110 RMB per jacket sold [10][12]. Sales Channels - Approximately 80% of Bershka's revenue comes from online sales, although the contribution has decreased from 87.5% in 2022 to 76.5% in 2024 [12][13]. - The company has been investing heavily in advertising, with total advertising and promotion expenses reaching 745 million RMB over three years, and a 104% increase in 2024 compared to 2023 [12]. Market Position and Challenges - Bershka is positioned in a highly competitive market, facing challenges from established brands like Arc'teryx, which dominate the high-end segment [20][21]. - The brand's attempt to enter the high-end market with its "North Star" series has not gained significant consumer interest, and its high-end products are often sold at discounts [20][21]. - The outdoor apparel market is experiencing significant price competition, with many brands focusing on cost-effectiveness rather than technological innovation [21][22]. Operational Insights - The company has a workforce of 893 employees, with over half dedicated to sales and marketing, while the R&D team consists of only 40 members [15][16]. - Inventory levels have been increasing, with a notable rise in finished goods inventory, indicating potential risks related to stock management [16][17]. Conclusion - Bershka has capitalized on the outdoor apparel trend but must navigate significant market challenges and consumer perceptions to sustain its growth trajectory [22].

户外作为生活方式留下来了，但不是每个品牌都能生存下去。 文丨朱凯麟 制图丨黄帧昕 编辑丨钱杨 2019 年末时中国有约 1.3 亿人参与户外休闲活动 ，两年后，这个数字超过 4 亿。 去年前 10 个月，在 小红书上，人们 25 亿次地点击浏览了有关徒步旅行和登山的帖子，60 亿次地观看了露营相关内容、80 亿次地观看了潜水、冲浪。 就徒步旅行和登山，观看次数增长了 300%。 生活方式变革造就了惊人的机会。到 2023 年，中国户外运动相关企业达到 20 多万家，相比两年前数量增 加 20%。去年一年，仅淘系平台上有的户外新品牌数量就比 2022 年翻了一倍。 过去三年，中国消费市场经历了快速户外化。 变化充分表现在街头商区的面貌、消费者的选择上。在热门购物中心，快时尚退场了。在北京三里屯太古 里，运动品牌来到沿街的位置；在上海，选在爱马仕之家对面，始祖鸟开了一家旗舰店，开启了它们 "鸟 巢计划"（在中国最好的商场里开大店）。在此之前，始祖鸟主要藏在 100 多家户外专业集合店或者购物 中心 4、5 层的小店里，不为大众所认识。 过去三年（2021 年-2023 年），来自久谦中台的数据显示，天猫、京东、抖 ...